$1,000,000 Hole In One
Golf tournament organizers use million dollar hole in one contests to increase participation, awareness, and excitement at their events. In most cases, tournament organizers locate a company, such as an auto dealer, to act as the hole in one contest sponsor. However, rather than the sponsor taking the risk or assuming the liability of paying out $1,000,000 in the event a player makes a hole in one, the sponsor usually opts to insure the million dollar hole in one contest.
As with any other kind of insurance policy, the sponsor pays a small premium to a prize insurance or prize indemnification company, which pays for the prize if a player makes the million dollar hole in one. In addition to providing the $1,000,000 hole in one insurance policy, these highly specialized insurance companies also offer signage promoting the million dollar contest as well as other valuable prizes for other “non-target” par three holes.
If you are considering adding a million dollar hole in one to your tournament or golf event or sponsoring a $1,000,000 hole in one shootout, it is a good idea to select the right insurance company for the job. Before taking out a million dollar hole in one insurance policy, ask the company what their A.M. Best rating is, how long they have been in business, who they are underwritten by and how many claims the company has paid out. This way, you can be sure if you have big hole in one winner, the company will be there to pay for the prize.
For example, Hole In One International has been offering $1,000,000 hole in one insurance since 1991 and has paid out over $45 million in claims. Hole In One International is proudly underwritten by Everest National Insurance Company, rated A+ by A.M. Best.